China's Ministry of Commerce (MOC) has announced that during last week (October 28-November 3) the overall average finished steel price in China edged up on week-on-week basis.
In the given week, the average prices of rebar and high-speed wire rod moved up by 0.2 percent and 0.1 percent, respectively, while steel channel prices have remained stable, week on week.
Production restriction measures in many regions of China bolstered rebar and wire rod prices.
Rebar futures (RB 2001) at the Shanghai Future Exchange came to RMB 3,441/mt ($491/mt) on Wednesday, November 6, up RMB 68/mt ($9.7/mt) or two percent compared to October 30.